Thursday, March 06, 2008

Qingdao Port plans domestic listing

Qingdao Port (Group) Co Ltd, China's third-largest container port operator, is planning its listing in domestic stock market and eyes to attract more foreign investors ahead of the IPO, said Chairman Chang Dechuan in a meeting on Wednesday.

The Shangdong province-based company has submitted an application to the China Securities Regulatory Commission, the country's top securities watchdog, according to Chang.

"We have already some foreign investors, such as DP World DPW.DI and A.P. Moller-Maersk's port arm APM Terminals, but we hope to attract more overseas investment before we are listed in the domestic stock market," Chang said.

However, the company had not decided whether to list in Shanghai, or in Shenzhen, as well as the size of the share issue.

Last year, it planned to launch its IPO in Hong Kong to raise as much as HK$4 billion. No reason was available why the operator was not able to carry out the plan.

Located on the western Pacific Rim, Qingdao port group offers comprehensive services in quay and logistics area, handling a variety of general and bulk cargo. Its total throughput in 2007 reached 265 million tons, up 18.2% year on year.

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